HDFC Chubb starts operations, introduces motor insurance
By Our Banking Bureau | 18 Oct 2002
HDFC Chubb will gradually roll out non-life insurance products over several categories, says HDFC Chubb chairman Deepak Parekh. These categories will be motor and home, accident and health, group accident and business travel policies and commercial insurance.
The company, set up with a capital of Rs 101 crore, is a joint venture between HDFC, which holds 74-per cent stake, and the US-based Chubb Corporation, which holds 24-per cent stake. The initial concentration will be along the personal line of business such as motor insurance and home and home contents insurance,“ says Parekh. “These are natural extensions of HDFC's activity.“
The motor insurance product has also been introduced simultaneously in New Delhi, Bangalore and Hyderabad. Over 18 to 24 months, the company plans to have a presence in more than 20 cities, says HDFC Chubb director Srirang Samant, who will be heading operations at the company.
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